French retail conglomerate ITM Enterprises will again have to bail out its ailing German subsidiary Spar Handels this year, according to local press reports. Spar chairman Fritz Ammann needs more cash to push through restructuring and ITM will have to waive debts amounting to several million euros to keep things going said ITM general secretary Alain Rocher. Spar Handels declined to comment on reports its operating losses for 2001 exceeded last year's losses. A spokeswoman said the E220m figure quoted by local press was "absolutely wrong". Spar Handels has sold off its cash and carry division, its Kodi non food stores and its home shopping operation. It is also converting the bulk of its company owned Eurospar estate to the Intermarché supermarket format of its French parent. The company declined to comment on its plans for the remainder of the Eurospar owned stores. Spar International deputy general manager Gerrit Kok said he understood the slimmed down German operation remained on track to break even by the end of this year, despite its well publicised problems. {{NEWS }}

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